Crypto equity listings lag broader market as sector average falls 67% from peaks

Publicly listed cryptocurrency companies remain substantially undervalued relative to their post-listing highs, according to updated data cited by 10x Research, underlining the risks facing institutional investors who buy into crypto-linked equities near market peaks. Yahoo Finance closing-price figures through 7 July show the eight companies tracked are trading an average of 67.3% below their respective highs, a slightly softer figure than the 73% initially estimated in a 10x Research report published on 8 July.

Amber and Gemini lead a broad-based decline

Amber (AMBR) has fallen 88.7% from an all-time peak of $12.79, reached on 17 March 2025, to $1.45 as of 7 July. Gemini (GEMI) has dropped 87.1% from a post-listing high of $32.52 to $4.19 over the same period. Circle (CRCL) is down 75.3% from a peak of $263.45, while BitGo (BTGO), which priced its January 2026 initial public offering at $18 a share and touched $18.49 the following day, has since fallen 72.6%.

Bullish (BLSH) has declined 65.5% and Figure (FIGR) 58.0%, while Coinbase (COIN) is down 57.1% from its 2021 all-time high of $381. Securitize (SECZ), which listed on 2 July, has already lost 34.5% of its value in its first days of trading.

A steeper fall than the wider equity market

10x Research notes that the losses in crypto-linked equities outpace those of comparable technology names. Oracle, Salesforce, Netflix and Palantir have each fallen between 48% and 57% from their respective highs, while the S&P 500 has remained close to recent record levels, suggesting the sell-off in crypto equities is largely sector-specific rather than a reflection of broader market weakness.

The underlying digital asset market has also weakened, though by a smaller margin than the equities tracking it. CoinMarketCap data shows bitcoin trading near $62,750, roughly 50% below its all-time high of about $126,200 set in October 2025, while ether has traded near $1,750, around 65% below its August 2025 peak of approximately $4,946. Analysts at 10x Research argue that crypto-related stocks have historically amplified both upside rallies and downside corrections relative to the tokens themselves, exposing shareholders to greater volatility than direct token holders face.

Diversification has yet to lift sentiment

Some issuers have sought to diversify revenue to offset weak investor sentiment. Gemini announced on 7 July the launch of commission-free stock trading for US customers via Nasdaq and Apex Clearing, positioning itself alongside Coinbase, Kraken and Block in offering services beyond crypto trading. “We started with crypto and are expanding to stocks so that customers can manage their entire financial lives right from the Gemini app,” said Cameron Winklevoss in the announcement. The move has not yet translated into a recovery in the company’s share price.

Circle faces additional competitive pressure after a consortium including Visa, BlackRock, Alphabet, Stripe, Mastercard and Coinbase launched Open USD on 30 June, a stablecoin network seen as a potential rival to Circle’s USDC franchise. For regulators and institutional allocators monitoring the maturation of crypto capital markets, the persistent gap between listing-day enthusiasm and subsequent performance across this cohort of companies is likely to inform how future crypto-related flotations are priced and underwritten.

Read more: Coinbase Wins UK MiFID Licence, Bridging Crypto Into Regulated Securities Markets